Demonetisation: POS cash withdrawal limit in large towns increased to Rs 2000

The RBI had earlier instructed banks to waive ATM charges for all transactions by saving bank customers, irrespective of the number of transactions from November 10 till December 30.

By: PTI | Mumbai | Updated: November 18, 2016 10:35 pm
Demonitisation, cash, rs 2000 cash, cash withdrawal, POS cash withdrawal, cash withdrawal limit, Rs 2000, india news, business news The central bank in August 2015 had permitted cash withdrawals at Point of Sales (POS) upto Rs 1000 in Tier I to II centres and upto Rs 2000 in Tier III to VI centres.

Reserve Bank of India (RBI) on Friday said cash withdrawal limit from Point of Sale (POS) in large cities and towns has been doubled to Rs 2,000 per day and customer charges have been waived in the wake of demonitisation of old Rs 500/1000 currency notes. The RBI had earlier instructed banks to waive ATM charges for all transactions by saving bank customers, irrespective of the number of transactions from November 10 till December 30.

“As another customer-centric measure, it has been decided that the limit for cash withdrawal at POS has been made uniform at to Rs 2,000 per day across all centres (Tier I to VI) for all merchant establishments enabled for this facility,” it said in a notification. Further, customer charges, if any, being levied on all such transactions has been waived of till December 30.

The central bank in August 2015 had permitted cash withdrawals at Point of Sales (POS) upto Rs 1000 in Tier I to II centres and upto Rs 2000 in Tier III to VI centres. The invalid banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till December 30, 2016 and even beyond, at specified RBI offices.